Tesla sells 75% of its Bitcoin in Q2 2022, revealed this quarter’s earnings call. Their balance sheet shows only $218 million in digital assets remaining. The sale also showed us Elon’s true nature. Now, we must clearly understand that he is also here to make money like everyone else. Back in 2021, Elon tweeted that Tesla has diamond hands, but as Bitcoin isn’t giving profits, they have sold most of its holdings. Though, he has cited some other reasons for the same.
Elon says they haven’t sold Dogecoin and are open to adding more Bitcoin to their balance sheet in the future
It is clear that Elon is a pump and dump master. I do not want to give him backlash just because he sold his Bitcoin. However, there are a lot of things that have happened in the past 1.5 years to conclude this. He has made so many tweets regarding Dogecoin that the price of a meme coin went past 74 cents and even made it one of the top 4 coins. And as the hype faded away, the price fell more than 90%.
Elon has been desperately trying to save his image by pumping it again, but no vain. Tesla bought Dogecoin, and they started accepting it for payments, but still, the price didn’t rise. Even now, Tesla is holding its Dogecoin and selling 75% of its Bitcoin. Do you really think Elon believes that Doge has more potential than BTC? Hell no! but he probably didn’t sell everything at once to cut down on the backlash he would receive.
Let’s also talk about Tesla accepting Bitcoin for payments. The moment they announced it, the price of BTC surged, and then a while later, Elon removed the option. What was the reason? Environmental concerns! He said that if Bitcoin crosses more than 50% of renewable energy use, they will begin accepting it again. Has that happened? No! So, how can a person take this guy’s word for everything he says? They can’t.
Elon on why they sold their Bitcoin
Musk says that China’s current COVID situation and lockdowns pushed them to sell their holdings. They wanted to increase their overall liquidity and ensure they were in a good position. He also said that this isn’t a verdict on or against Bitcoin, and they might invest more in the future. Everyone knows that diamond hands don’t sell whatever the reason cited by Elon Musk.
What are your thoughts as Tesla sells 75% of its Bitcoin in Q2 2022? And do you think one can take Elon’s words at face value? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin miners now use almost 60% renewable energy: Report.
